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Mozambique: Economic Climate Indicator (ECI) at lowest-ever level in Q3
2:04 CAT | 04 Nov 2020
File photo: Lusa
Mozambique’s Economic Climate Indicator (ECI) in the third quarter of 2020 reached the lowest level ever recorded since it was first calculated in 2004, the National Statistics Institute (INE) announced on Wednesday.
“The Economic Climate Indicator (ECI) has extended the downward trend it has been recording since the first quarter of 2020,… reaching the lowest level of the respective time series,” the INE explains in its Economic Climate and Confidence Indicators bulletin for September.
While the document makes no reference to the Covid-19 pandemic, the data clearly reflect its impact on the economy.
“The unfavourable environment was due, as in the second quarter, to the deterioration in employment expectations and in demand, which has been declining for the third consecutive quarter,” states the bulletin.
It notes that “at the monthly level, the indicator showed signs of recovery between the months of August and September, but not of sufficient magnitude to reverse its direction” in the quarter as a whole. The indicator stood at 78.1 points in September, against 76.6 in August and the historical low was registered in July with 74.8.
The maximum was registered in February 2015, of 104.1 points.
The bulletin is a monthly publication on the state of Mozambique’s economy, compiled on the basis of a monthly survey that is conducted by the INE among non-financial companies.
“The study expresses the opinion of economic agents on the evolution and outlook of their activity, particularly on employment, demand, orders, prices, production, sales and activity limitations,” the INE explains.
Mozambique has had a cumulative total of 13,202 cases of infection by the novel coronavirus that causes Covid-19, with 95 deaths associated with the disease and 10,695 patients deemed to have recovered.
Source: Lusa
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